xml:space="preserve">
Lennar Homes paid $1.5 million for these 19 lots in Phase 1 of Hanover Lakes, a boating community south of St. Cloud.
Lennar Homes paid $1.5 million for these 19 lots in Phase 1 of Hanover Lakes, a boating community south of St. Cloud. (Osceola County Property Appraiser)

Orlando-based Hanover Family Builders is bringing in the nation’s largest production homebuilder at its Hanover Lakes subdivision on Osceola County’s Alligator Lake.

Lennar Homes paid $1.5 million last week for a takedown that included two model home sites and another 17 lots within the community. About half of the lots are on the community’s 45-acre pond. The man-made lake has a boat lift that gives residents direct access to Alligator Lake, which at 3,406 acres is the largest water body in the Alligator Chain of Lakes.

Advertisement

Located at 3325 Hickory Creek Road, Hanover Lakes is approved for 543 homes on a mix of 50-foot and 60-foot lots. Hanover is the master developer and has already completed horizontal work on the first two of five phases.

Hanover currently offers buyers up to 18 different floorplans at Hanover Lakes with prices ranging from $265,000 to $421,000, but bringing another builder into the community adds even more variety. It’s a model the company has used before, partnering with Richmond American Homes on communities in Groveland and St. Cloud.

The community features a public park on Alligator Lake, but the developer nixed a proposed boat ramp during the approval stage. The community will have a resort-style pool with water slide and splash park as part of its amenity package.

Lennar currently has 66 communities in active sales in the Orlando market and several more in the development pipeline. The company has expanded its lot inventory in the St. Cloud/Narcoossee corridor over the last two years, first with a position in The Preserve at Turtle Creek, where it purchased the full inventory of 70-foot lots in the community.

In June, Lennar paid $8.1 million to buy 176 acres in St. Cloud next to Gramercy Farms. The land had approvals for a 451-home subdivision called “Old Hickory." It spans both sides of Nolte Road and is west of Hickory Tree Road. The southern boundary abuts the Royal St. Cloud Golf Links.

Officials with Lennar and Hanover were not immediately available for comment.

Have a tip about Central Florida development? Contact me at lkinsler@GrowthSpotter.com or (407)420-6261, or tweet me at @LKinslerOGrowth. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

Advertisement
Advertisement
Advertisement